Kuwait wealth fund to sell Wataniya stake to Qtel

Qatar Telecom (Qtel) is set to control more than 90 percent of Kuwait’s Wataniya after the Gulf state’s sovereign wealth fund tendered its entire stake in the unit, two sources familiar with the situation said on Saturday. Qtel, which operates in 16 countries across the Middle East, Africa and Asia, offered $2.2 billion in August for the 47.5 percent of Wataniya it does not already own.
The tender offer expired on October 4. Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds with about $300 billion in assets, is currently the second biggest shareholder in Wataniya, with a stake of 23.5 percent. “The KIA has decided to tender its full stake………………………………………..Full Article: Source